U.K. based Cometa Wireless Gaming Systems Raises
Sheffield-based early-stage mobile phone
gaming and communications venture announces its first public
round of investment, totalling £1 million.
Cometa Wireless Gaming Systems today concluded its first
external round of equity investment, totalling £1 million. The
investment values the business, post money, at £2 million.
The principal investor is Mfusion, the successful mobile phone
gaming and gambling enterprise. Other investors include a
consortium of business angels led by Dr Tony Marchington former
founder and CEO of Oxford Molecular Group PLC. Dr Marchington
now becomes chairman of the board of directors.
Alongside the investment, the company is also rebranding. Cometa
Games now becomes Cometa Wireless Gaming Systems.
Cometa was established in 2004 by CEO Robert Anderson to exploit
the rapidly developing worldwide market for casino style games
Cometa Wireless products are based on Arcadia™ , new patented
technology invented by Cometa's founders. Arcadia ™ provides a
means of greatly accelerating the communication between a mobile
phone and the company’s servers. This allows casino style games
to be played securely, in real-time on today’s typical mobile
handsets and networks - with the same look, feel and response of
a high performance slot machine. Arcadia ™ technology provides
Cometa Wireless with the most realistic, secure and advanced
mobile phone casino environment yet devised.
Cometa’s portfolio of games include: Blackjack, Joker Poker,
Casino Roulette, Cops and Robbers (slot machine), Adders &
Ladders (slot with progressive jackpot), and Bingo.
The company is in late stage negotiations with a number of the
world’s largest mobile phone gaming and gambling leisure
operators concerning selected distribution arrangements.
As well as more casino style applications, the company is also
developing a range of Prize Game products where end-users win
points, which can either be surrendered immediately or collected
over time, then redeemed for prizes such as music downloads,
Cometa Wireless also offers bespoke engineering services to
facilitate white label versions of the products; the company's
target market includes mobile network operators, bookmakers,
casino owners, aggregators and mobile property owners.
The worldwide market for Cometa Wireless products and services
is currently estimated to be worth over $2billion of which $950
million (48%) is derived from Europe. The mobile gambling market
is set to rise rapidly through to 2011 where mobile gambling, in
terms of total wagers placed per year, will reach $23bn (Source:
Juniper Research Gambling on Mobile III, 2006).
Cometa Wireless is projecting revenues rising from £250,000 in
2007 to £6.8 million by 2011.
Source: Press Release